AlphaQuest LLC Cuts Stake in Fulgent Genetics, Inc. $FLGT

Key Points

• AlphaQuest LLC reduced its stake in Fulgent Genetics by 56.3%, selling 20,112 shares and retaining approximately 15,580 shares worth about $263,000.
• Fulgent Genetics reported $0.07 earnings per share (EPS) for the last quarter, significantly surpassing analysts' expectations of (−$0.23) and showing a 15.2% year-over-year revenue growth of $81.80 million.
• Brokerages have been bullish on Fulgent Genetics, with UBS Group upgrading the stock to a "buy" rating and raising the price target from $20.00 to $30.00.

AlphaQuest LLC cut its position in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 56.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,580 shares of the company's stock after selling 20,112 shares during the quarter. AlphaQuest LLC owned approximately 0.05% of Fulgent Genetics worth $263,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC increased its stake in Fulgent Genetics by 20.6% in the 4th quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock worth $28,292,000 after purchasing an additional 261,152 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after purchasing an additional 145,518 shares during the last quarter. Deutsche Bank AG increased its holdings in Fulgent Genetics by 105.3% during the 1st quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock valued at $4,559,000 after purchasing an additional 138,340 shares during the period. Invenomic Capital Management LP lifted its holdings in Fulgent Genetics by 3.7% in the 4th quarter. Invenomic Capital Management LP now owns 259,010 shares of the company's stock worth $4,784,000 after buying an additional 9,263 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Fulgent Genetics by 98.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 249,659 shares of the company's stock worth $4,219,000 after buying an additional 123,702 shares during the last quarter. 48.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $21.48, for a total transaction of $25,754.52. Following the transaction, the chief operating officer directly owned 365,249 shares in the company, valued at $7,845,548.52. This represents a 0.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 3,386 shares of company stock valued at $72,756 in the last ninety days. Insiders own 33.11% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler set a $21.00 price objective on Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th. UBS Group upgraded shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and increased their price target for the company from $20.00 to $30.00 in a report on Tuesday, August 5th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $25.00 price objective (up from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $25.33.

Fulgent Genetics Price Performance

Shares of Fulgent Genetics stock traded up $0.14 during trading on Monday, hitting $22.17. The stock had a trading volume of 348,546 shares, compared to its average volume of 270,210. The stock has a market cap of $678.62 million, a PE ratio of -13.36 and a beta of 0.81. The firm's fifty day simple moving average is $19.86 and its 200-day simple moving average is $19.01. Fulgent Genetics, Inc. has a 12 month low of $14.57 and a 12 month high of $23.56.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.23) by $0.30. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%.The firm had revenue of $81.80 million during the quarter, compared to analyst estimates of $76.21 million. During the same period last year, the company earned $0.15 EPS. Fulgent Genetics's quarterly revenue was up 15.2% compared to the same quarter last year. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. Analysts expect that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.